With Senate confirmation as the new Fed chief, Janet Yellen has now become, arguably, the most powerful woman in the world. And she has a reputation for rebuking economists who reduce human beings to statistics. Kind of a Pope Francis equivalent as chair of the Federal Reserve?
For that reason, some folks on the political Right opposed Yellen. Of course, libertarian "true believers", like Senator Rand Paul, question they very legitimacy of the Federal Reserve. You know, the Gold Standard and all that.
Remember: Yellen remains the Fed chair for a while no matter who gets elected to the Oval Office.
A while back, a WASHINGTON POST columnist/blogger listed some lesser known points about Janet Yellen (You can guess which one I found the most interesting, even though it probably has no policy implications whatsoever!)...
Ah, a stamp collector as head of the Fed! A nice touch. I expect her to be a welcome change from the current Fed Chief. I have never felt comfortable with him in that position.
Mike from Delaware
Tue, Jan 7, 2014 9:33am
Sounds like besides her stamp collecting, she's got a boatload of qualifications for this job. Plus even her husband is an economist, a twofer, you know they'll be discussing policy together, so we get two heads for the price of one.
Tue, Jan 7, 2014 3:41pm
"We get two heads for the price of one."
Gee, like Bill and Hillary? Of course the Fed has hundreds of economists on the payroll; it is not a one-person shop.
"Step aside, Germany's Angela Merkel.
With Senate confirmation as the new Fed chief, Janet Yellen has now become, arguably, the most powerful woman in the world."
Is this just media pandering to the FemiNazis, exaggerating any woman's accomplishments? Just seven weeks to Women's History Month, with daily "Women's History Minutes" on the air (right after Black History Month).
For the record, the title is "Chairman of the Board of Governors of the Federal Reserve System." The other members are the presidents of the 12 Federal Reserve banks as Congress did not trust a central bank (like European countries or like the U.S. before Andy Jackson). Yellen is now Vice Chair of the Board of Governors and President of the Federal Reserve Bank of San Francisco. The Chair's role is similar to that of Chief Justice - first among equals; not to a head of government (like Merkel). The Fed has power over the economy but not other areas, and the power is exercised by the board of governors, not the chair alone. And the individual Fed banks have considerable independence.
Tue, Jan 7, 2014 7:27pm
Yeah, she'll transform Washington alright. She'll finish the job of running it into the ground.
Wed, Jan 8, 2014 5:01am
Bill: I'm glad you mentioned Bill and Hillary. I've always thought of them as the modern-day Julius and Ethel Rosenberg.
Wed, Jan 8, 2014 6:34am
Pizza, right now you are reminding me of the fascist witch hunters, Nixon, McCarthy, Hoover and others, who persecuted them and killed them, and ruined the lives of hundreds of others.
Wed, Jan 8, 2014 2:47pm
In response to Allan's headline, Washington will not change until no Republicans get voted into office... Immediately upon that happening, it returns to how it use to be in the 50's, 60's, 70's, during America's and the middle-class' greatest years.
Wed, Jan 8, 2014 8:21pm
Thanks Bill. I always wished I could have met Joe McCarthy so I could interview him and get inside his mind.
Wed, Jan 8, 2014 8:22pm
Kavips: Don't forget Reagan.
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